Pros / DebtWave Credit Counseling has a stunning array of articles and tools to get you going on your path to debt freedom.
Cons / Settlement negotiation is not offered by this company.
Verdict / This company has the best features, customer service and debt advice among the companies we evaluated.
Editor's Note: This review has been removed from our side-by-side comparison. The original review is below, but check out our current top 10 about Payday Loan Consolidation Services here.
Whether it’s necessity or luxury that intervenes, money has a way of going out faster than it comes in. When desperate times arise, payday loans can be a tempting short-term solution. But some get sucked into the borrow-from-Peter-to-pay-Paul game of rotating financial obligation. When payday loan debt claims a chunk of your hard-earned cash every two weeks, it’s time to ask for help. DebtWave offers many tools to consolidate your payday loan debt and eliminate late fees and extravagant interest rates so your payments can start going toward your principal instead.
Founded in 2001, DebtWave is among the longest-lived of the prominent companies in its industry. This company can help you lower your interest rates and monthly payments to a reasonable level. Meanwhile, the company’s credit counselors will help you keep your head above water from here on out.
After your payday loan consolidation, you will still be obligated to pay back all of your debt, but instead of having to send separate payments to multiple creditors, you can deal with one company that has your back.
Cost & Fees
DebtWave’s services cost $49 per month, which will come out of your consolidated monthly payment. The cost may be slightly higher or lower, depending on where you live. The rest of DebtWave’s income is derived from the creditors it is working with on your behalf.
DebtWave negotiates with your creditors to ensure that your monthly payment goes toward paying off your payday loan debt instead of just paying for interest. You will need to make all the necessary monthly payments on time, and to notify DebtWave as soon as possible if for some reason that becomes impossible. You must also agree not to take on any further unsecured debt while working with them.
Eligibility & Application
You can keep track of your account as you pay off your payday loan debt by going to the DebtWave website and logging into your account. It will display exactly how much money you have saved with the program so far, and how many months are ahead of you before you are debt-free. The site is fully secured, so you don’t have to worry about unauthorized parties accessing your financial information.
DebtWave’s homepage is simple and easy to use. It allows you to research the company’s payday loan consolidation methods on your own and links you to a counselor to figure out the best course of action for your scenario.
DebtWave does not offer to settle your payday loan debts, as some companies do. It concentrates on managing the debt while it is steadily paid off.
Obviously, avoiding payday loan debt in the first place is the best route of action, as they can cause unending financial troubles. DebtWave has excellent credit education services and general assistance in repairing your financial and credit situation. DebtWave’s credit counselors take their time educating you about your options. They evaluate your income and expenses so that you can identify areas where you could be more fiscally responsible. They also evaluate your credit report and help you understand its sometimes confusing and intimidating content, as well as offering tips for improving the report over time.
DebtWave has a monthly newsletter. Questions can be emailed directly to the education department. There are online seminars and workshops on such topics as credit basics, spending plans, retirement plans, car buying and identity-theft prevention.
The website has several valuable calculators that can be used to calculate how much you can afford to spend to pay down your debts every month, create a spending budget and figure out your debt-to-income ratio.
Customer support is available via email, phone and a responsive online chat feature. The DebtWave consultants we spoke with impressed us with their friendly, upbeat demeanors and their knowledgeable advice on the subject of debt management.
The company’s website also has a comprehensive frequently-asked-questions section that you can consult independently before speaking with a company representative.
Payday loan consolidation is not for everyone, but if you fit the profile that can best make use of this service, DebtWave is a very good choice to help you get your finances back above water. If you want to be free of payday loan debt with a structured program, DebtWave is an excellent option.